Iraq Oil Economy Grows, Non-Oil Shrinks

The Iraq Mission Chief for the International Monetary Fund (IMF) has said Iraq’s oil sector grew by 13 percent in 2015 and by more than 20 percent during the first five months of 2016.

This contrasts with the fortunes of the non-oil economy, which contracted by 19 percent in 2015 and is expected to continue to contract in 2016.

Emphasising the importance of oil in helping to support the broader economy, Christian Josz told IMF News:

“By maintaining fiscal discipline, [the government] will create the fiscal space to pay their suppliers and international oil companies on time, which is essential to maintain financial sector stability and oil production”.